Slide 1: Q3 2022 Earnings Report
N O V 9 , 2 0 2 2 M A R 8 2 0 2 2 Q3 2O22 Earnings Report
Slide 2: Presenters
Enric Asunción Jordi Lainz Masud Rabbani Matt Tractenberg Co-Founder & Chief Chief Financial Officer Chief Business Officer VP, Investor Relations Executive Officer Q3 2 O22 EA RN I N G S REPORT 2
Slide 3: Disclaimer
QUASAR Disclaimer Certain statements made on today’s call are forward-looking, that may be subject to risks and uncertainties relating to future events and/or the future financial performance of the company. Actual results could differ materially from those anticipated. The risk factors that may aff
Slide 4: Forward-Looking Statements
Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A o
Slide 5: What We'll Cover Today
EARNINGS REPORT What We’ll Cover Today Third Quarter Highlights Current Market Overview Fast Charging Portfolio • Supernova • Hypernova Partnerships • How We Approach Partnerships • New Partners • Why Partners Select Wallbox Detailed Review of Financial Results Guidance for Fourth Quarter and Full Y
Slide 6: Overview
Q3 HIGHLIGHTS Overview MARKET SHARE* A comprehensive Designed and charging portfolio manufactured in-house • Home charging • New facilities in North America, with others in • Semi-public AC Asia and Europe 15% EXPECTED • Bidirectional • Public fast charging products • Production capacity of over 1M
Slide 7: Sales Growth
Q3 HIGHLIGHTS Sales Growth + + + + + 535% 27O% 16O% 13O% 125% N.A. FRANCE BELGIUM NETHERLANDS SPAIN ITALY + Progress in AsiaPac & LATAM (both of which are early in EV transition) As compared to Q3, 2021 7
Slide 8: Geographic Mix - Sales
Q3 HIGHLIGHTS Geographic Mix - Sales 71% 22% EUROPE U.S. 5% APAC 2% LATAM 8
Slide 9: Portfolio Breakout
Q3 HIGHLIGHTS Portfolio Breakout 12% SOFTWARE & SERVICES 83% 5% HOME CHARGING FAST CHARGING As of 9/30/22 9
Slide 10: Portfolio Breakout
Q3 HIGHLIGHTS Portfolio Breakout 12% SOFTWARE & SERVICES 2O% 4O% (FUTURE) 83% 5% 4O% HOME CHARGING FAST CHARGING 10
Slide 11: Gross Margin
Q3 HIGHLIGHTS Gross Margin stable pricing 41.4 % cost control of key components recent acquisitions 11
Slide 12: Geographic Mix - Units
Q3 HIGHLIGHTS Geographic Mix - Units 70% 23% EUROPE N.A. 67,OOO 2% 5% LATAM APAC As of 9/30/22 12
Slide 13: Business Environment
CURRENT MARKET Business Environment EV demand is stronger than anyone ever imagined, and we are poised to lead U.S., is now the world’s Wallbox set to be one of Our unique manufacturing second largest country for few hardware vendors that model offers efficiency, EVs, and our business here meet NEVI
Slide 14: Business Environment: ARES
CURRENT MARKET Business Environment ARES A leading supplier of PCBs - Faster innovation times photo here - Cost savings - Securing a critical component 14
Slide 15: Business Environment: COIL
CURRENT MARKET Business Environment COIL A leading North American installer network - Pairs with our in-house capabilities for a unique, reliable and efficient solution 15
Slide 16: In-house Testing & Certification
CURRENT MARKET Business Environment EMC CHAMBER In-house Testing & Certification - Only private chamber in Southern Europe - Avoid time loss: which is costly to bottom line and competitive advantage - Allows for fast iteration and problem solving, along with fast production cycles 16
Slide 17: Please see event video at Investors.Wallbox.com
Please see event video at Investors.Wallbox.com
Slide 18: Supernova
FAST CHARGING Supernova The next generation DC fast charger ≈50 Customers 32+ Countries Several thousand units* In pipeline Reliable Performance & Competitive Pricing * Excluding Iberdrola LOI. As of 9/30/22 18
Slide 19: Hypernova
FAST CHARGING Hypernova The next generation DC fast charger Ability to reach 400kW Highly Reliable Low TCO Expected in 2O23 As of 9/30/22 19
Slide 20: Fisker
PARTNERSHIPS ' Fisker
Slide 21: First-of-its-kind Energy Community
PARTNERSHIPS First-of-its-kind Energy Community
Slide 22: BestBuy
PARTNERSHIPS BestBuy
Slide 23: GD “Ness G)-ercnarce
GD “Ness G)-ercnarce sonepac INeRAM/ e elkedjan Ccew bumblebee DUTTENHOFER GROUP GF 2) HYUNDAI PROJECT ERO ne stop energy shop cy IBERDROLA $ SALTOKI ivy ELECTRIC SUPPLY REPLONISHH armmetr Uber @ Santander SEAT rset SON PRenicon Crystal GREENPORT — <=53 Ys NKM ‘S) SPgroup orosngia barry FLECTRIS aes
Slide 24: The Uber Partnership
PARTNERSHIPS The Uber Partnership Uber, Fisker, Nissan - these global companies want to work with partners who consistently provide high-quality products, on time, and as part of a comprehensive solution. That's what we offer. 24
Slide 25: The BeCharge Partnership
PARTNERSHIPS The BeCharge Partnership Undertaking a massive infrastructure upgrade; replacing AC chargers, many at high-end shopping malls, with split charge 60kW Supernova, where both guns can operate independently at 30kW The total number delivered to this customer could exceed a thousand next yea
Slide 26: The EDF Partnership
PARTNERSHIPS The EDF Partnership Our participation in their residential program is expected to drive orders for more than 10,000 AC units in 2023 A testament to our products and capabilities 26
Slide 27: And So Many More
PARTNERSHIPS And So Many More 27
Slide 28: Highlights
FINANCIALS Highlights MORE THAN 113 Countries RESILIENT SALES OF Gross Margins 44.1M Euro 140% increase y/y DEBT OF 36M Euro CASH OF 87M Euro As of 9/30/22 28
Slide 29: Overview
Q3 FINANCIALS1 Overview GROSS MARGIN EBITDA2 CASH & EQUIVALENTS 41.4 % (20.7M) 87M Continues to Down slightly on Prepared for be resilient a sequential basis investment & growth 1. All figures shown are in € 29 2. See definitions on slide 44.
Slide 30: Overview
Q3 FINANCIALS1 Overview GROSS MARGIN EBITDA2 CASH & EQUIVALENTS 41.4 % (20.7M) 87M Continues to Down slightly on Prepared for be resilient a sequential basis investment & growth 1. All figures shown are in € 30 2. See definitions on slide 44.
Slide 31: Inventories of 86M
Q3 HIGHLIGHTS1 Inventories of 86M INVENTORY BREAKOUT ARES RAW MATERIAL AC PRODUCT SUPERNOVA SUPPORT INVENTORY INVENTORY SHARED ACROSS MIX PORTFOLIO MIX FINISHED OTHER GOODS 1. All figures shown are in € 31
Slide 32: Recent Strategic Investments
FINANCIALS Recent Strategic Investments A new factory in the U.S Acceleration of Hypernova to market A robust supply chain for Supernova 32
Slide 33: Grant Awarded 5M€
Q3 HIGHLIGHTS Grant Awarded 5M€ Next Gen EU, designed to cultivate innovation in Europe, has awarded Wallbox almost 5M€ to further develop fast charging technologies 33
Slide 34: Debt
Q3 FINANCIALS1 Debt LONG-TERM DEBT2 36M incorporates assumed debt from recent acquisitions and other additional facilities. 1. All figures shown are in € 34 2. As of 9/30/22.
Slide 35: EV Expectations
SUMMARY & LOOKING FORWARD EV Expectations 3.2M 2.6M ORIGINAL EXPECTATION OF EUROPEAN EV DELIVERIES MARKET FORCASTS ADJUSTED DOWN BY 20% 35
Slide 36: 2022 European EV Deliveries vs Wallbox European Sales
SUMMARY & LOOKING FORWARD 2O22 European EV Deliveries * vs Wallbox European Sales 180% 160% 140% 1O-2O% 120% 100% 80% 60% EXPECTED 2022 YEAR- OVER-YEAR DELIVERY 40% GROWTH RATES IN EUROPE 20% 0% -20% Q4 2021 Q1 2022 Q2 2022 Q3 2022 EV Delivery Growth Wallbox European Growth 36 *Deliveries of both EV
Slide 37: Clear Outperformance
SUMMARY & LOOKING FORWARD Clear Outperformance VS EUROPEAN EV DELIVERY GROWTH 124% WALLBOX’S ACTUAL SALES GROWTH RATE* 37 * Average of trailing four quarters European sales growth
Slide 38: Charging infrastructure installed today
SUMMARY & LOOKING FORWARD 3% AND ONLY OF THE CHARGING INFRASTRUCTURE NEEDED TO KEEP ALL THE EVS MOVING IN 2030 IS INSTALLED TODAY 38
Slide 39: 1B€ of Sales Expected in 2025
SUMMARY & LOOKING FORWARD 1B€ OF SALES EXPECTED IN 2O25 39
Slide 40: Our Outlook: Fourth Quarter and Full Year
Q4 Our Outlook 42-52M€ FOURTH QUARTER PROJECTION 60-100% PROJECTED YOY GROWTH RATE 40% Q4 GROSS MARGINS 154-164M€ YR FULL YEAR 2O22 REVENUE 115-130% ANNUAL GROWTH RATE 40
Slide 41: Key takeaways
O 1 We are confident in our ability to execute our business plan and meet our commitments O 2 Our portfolio continues to evolve and expand. O 3 Our operating model is proving to be a key advantage O 4 Our global reach is enabling us to forge key partnerships 41
Slide 42: Q3 Earnings Report
N O V 2 O 2 2 Q3 Earnings Report
Slide 43: Reconciliations
Reconciliations UNAUDITED, IN € 000S For the Quarter Ended, September 30, 2022 Operating Loss € (29,889) Amortization and depreciation 4,059 Other income (1,082) EBITDA € (26,912) Employee Stock Option Plan (6,244) One-off Expenses 0 Adjusted EBITDA1 €. (20,668) 1.See slide 47 for definitions 43
Slide 44: Definitions and Disclosures
Definitions and Disclosures 2O22 1 We define Adjusted EBITDA as loss for the period before income tax credit, amortization and depreciation, financial income, DEFINITIONS interest expense, fair value adjustment of convertible bonds, changes in fair value of derivative warrant liabilities, foreign ex